SENATE,  iNremi"-    '^'v  18«4.— Referred  to  tho  Tom  in  ittee  on     f 
#  Fij)ftnce  anil  nr<1<Mr.!  .  intod.* 

[House  En(;uob>ki>  Dii.l.  i 


To  provide  more  cflTecttially   for   llin  reduction    arnl  iciloniption  of 

tlic  carrcrry. 

1  Wherfas.  Tho  recovery  of  the  currency  fiom  its  dcprecia- 

2  tion,  and  the  rca?suraoce  of  tho  public  of  its  ultimate  payment 

3  in  fall,  would  he   an  inestimahle  benefit   to  both  srovcrnment 

4  and  citizens*;  nud  as  a  mean^   for  accompli;-hin,£:  thif  end,  it  i^ 

5  expedient  to  exempt  tJio  same  from  taxation,  and  to  plcd^jc  the 
fi  jtultjic  faith,  not  only  aerainnt  any  iddition  to  the  amount  of 
7  the  currency  now  authfui/od  )i\  l.iw  Ini  :ilwo  Id  ilir>  reduction 
^  of  it.  by  caneeilini;.  annual  1)  ,  a  mau' rial  jmiL  Llic:icui,an'i  to  ine 
9  dedication  o(  an  ample  fund  for  rcdceminL^  the   residue,  to   l>c 

1<»  applied  to  that  purpose  from  and  aft*r  the  close  of  tke  existing 

1 1  wai  :  Thcrclore, 

1  T/i-e  i^ongrejis  of  the    (^nnjeifrate    SfcUes  of    Afnerica  dn  ennct, 

2  That  hereaft-er,  and  nntil  (h<»  full  rodon-ittmn  ui'  tho  f^onfod^^rate 

3  States  Treasury  ncM'     n^w   <>ii\  [nwinr^.  -.uiu  <m    -u< 'i  n- 

4  thorized    \>j  existing  lawn  to  bo  i((!!ucd    the  said  notes,  except 

5  those  if'-ued  prior  to  tho  peventoenth  day  of  February,  eighteen 


2 

0  huiidrod  ami  ;-iNty-ronr.  ^llall  ^c  free  froni  all  taxation  whatever. 

1  Sec.  2.     Pending  tJjo  wnr^  one-fifth  of  the  Treason-  notes  an-  ^ 

2  nnally  received  into  the  Treasury,  fn  payment  of  taxes,  shall  be 

3  thereupon  cancellefl.  until   the  amount  on.  .  shall  have 

4  been  reduced  to  one  hundred  and  lifty  millions  of  dollars. 

1  Sec.  3.  ♦'Upon  a  declaration  of  peace  UaHreen  the  Confederate 

2  States  and  the  United  Sta^\=?  o^  America,  the  tithe  received  by 

3  the  jTovcrnment  of  tho  annual  cro]i:^  or  produce  of  cotton, (other 

4  than  Sea  Island  cotton.;  whcfft  and  corn,   in  the  ratio  of  four- 

5  ninths  of  cotton,    fonr-liinths  of  corn,  and  one-ninth  of  wheat, 

6  shall  be  applied    to    the  redemption  of  the    Treasury  notes  in 

7  circulation,  until  the  whole  sliall  have  been  redeemed;  the  tithe 

8  of  cotton  being  valued   at  fifty  c^nts  a  pound;  of  corn   at  two 

9  dollars  a  bushel,  and  of  wheat  at  four  dollars  a  bushel,  and  be- 

10  ing  deliverable    by  tbc  government  at   one  or   more  shipping 

11  ports  in  each  of  the  Confederate  States,   to  be  selected  by  the 

12  Secretary  of  the  Treasury;    Provided,  however,  That  the  tithes 

13  aforesaid,  or  any  part  thereof,  may,  l)y   consent  of  the  parties 

14  entitled  to  receive  the  same,  be  delivered  elsewhere  than  at  a 

15  shipping  port  ;  Provided,  further,  That  the  cotton  to  be  deliv- 

16  ered  under  the  authority  of   this  act,  shall  be  equal  to  cotton 

17  classed  and  held  as  "middling  cotton,"  in  the  poits  where  such 

18  cotton  may  be  delivered. 


1  Sec.  4.    That  all  acts  and  parts  of  acts  now  in  force,  providing 

2  for  the  assessment  and  cOllcctiofi  of  the  tax  in  kind  of  cotton, 

3  corn  and  wheat,  be  and  (lie  same  are  hereby  rc-cnacted,  and  shall 

4  continue  in  force  until  all  Trcnsury  notes  issued,  or  authorized  to 

5  be  issued  l»y  "An  act  to  reduce  the  currency,  and  to  authorize  a 

6  new  issue  of  notc^and   bondn,"  ai)proYed   February  17,   1864, 

7  sliall  have  been  redeemed  in  full;  and  tlie  persons  paying  taxes 

8  in  kind  under  this  act,  from  and  after  a  ratiiication  of  a  treaty 

9  of  peace,  shall  receive  compensation  Ity  credit,  or  otlicrwise,  for 

10  the  then  market  value  of  any  cotton,  corn  and  wheat,  deliver- 

11  ed  after  the  termination  of  the  war,  .so  as  cqualiiie  their   taxes 

12  with  other  tax  payers,  the  market  value  to  be  ascertained  at  the 

13  time  of  delivery  in  the  mode  prescribed  by  law. 

1  Sec.  5.     The  holders  of  Treasury  notes  desiring  to  receive  the 

2  tithes  aforesaid,  in  payment  thereof,  shall  convert  the  same  into 

3  Treasury  ccrtilicates,  bearing    an  interest  of  six  jfcrctni  j»«jr 

4  annum,  which  shall  be  issued  by  tke  Secretary  of  the  Treasury 

5  in  exchange  for  said  notes,   and  shall  express  on  their  face  the 

6  object  for  which  they  are  intende<l :  t'i'>  holders  of  which  said 

7  certificates  shall  be  entitled  to  receive  payment  therefor  in  the 

8  tithes  aforesaid,  at  the  rate  of  one-iifth  of  the  amount  annually ; 

9  Provided,  hoircvcr,    That  more  than  one-fifth  of  the  amount  of 

10  tithe  ducnjcn  bny  micji  ccriuicaic, or  the  whole  oJ  tuch  amount. 


11  may  be  paid  in  any  year,  at  the  election  of  the  Secretary  of  the 

12  Treasiry,  Provided,  That  Treasury  notes  redeemed  in   lieu  of 

13  the  certificates  authorized    l»y    this  act  sliall  not,    be  reissued ; 

14  Provided,    further,  That  said  certificates  s' all    Be  divided  into 

15  two  classes,  to  b<^  designated  rcspoctively  as  No.  1  and  2.     Ccr- 

16  tificatcs  issued  durin.i^the  first  six  monfhsof  the  year  1865,  shall 

17  be  of  the  first  class,  and  sliall  lie  rcdeeirable  in  cotton  at  forty 

18  cents  a  pound,  corn  at  one  dollar  and  fifty  cents  per  bushel,  and 

19  wheat  at  three  dolla' s  per  bushel;  Provided,  however^  That  hold- 

20  ers  of  Treasury  notes  living  in    the  Trans-Mississippi  Depart- 

21  ment  shall  be  allowed  two  months    additional  to  convert  their 

22  Treasury  notes  into  certificates  of  the  first  class.     Certificates 

23  issued  subsequent  to  tliesix  and  eight  months  of  said  year,  shall 

24  be  of  the  second  class,  and  hhall  be  redeemable  in  cotton  at  fifty 

25  cents  per  pound,  corn  at  two  dollars  per  bushel,  and   wheat  at 

26  four  dollars  per  bushel. 

1  Sec.  6.     All  planters  or  farmers  liable  to  the  tax  in  kind  shall  be 

2  permitted  to  satisfy  the  same  by  payment  of  such  certificates  as 

3  aforesaid. 

1  Sec.  7.     Certificates  issued  under  the  authority  of  this  act  shall 

2  be  in  the  following  proportions  towlt :  four  ninths    in  a  sepa- 

3  rate  certificate,  payable  in  cotton,   four-ninths  payable  in  corn, 

4  a  id  ore-nirth  ]  ayable  in  \^hcnt;  but  no  sum  less  than  forty-five 


:» 


6 

5  dollars,  or  its  multiple,  shall  l)e  converted  into  Treasury  certifi- 

(>  catea,  when  the  sum    in  under    nine  liundrcd   dollars;  Itut  the 

7  amount  to  be  made  payable  on  the  face  of  each  certificate,  when 

M  the  sum  converted  into  Treasury  ccrtificatcH  is  more  than   nine 

9  hundred  dollars,  shall  l»o  such  as  the  So{  ivtary  of  the  Treasury 

10  shall  .iudc;o:  to  he  most  suitable  ;ind  convoniont  for  the  purj)0se8 

11  of    this    act,    whicli    said    certificates   shall    be  assignable  in 


^^              12  writintr  in  siich  form  and  with  such  authenti(;ation  as  ihe  Scc- 

\  % 

^A-             13  rctary  of  the  Treasury  may  i)re?crilte. 

1  Sec  8.     The  public  faith  is  hereby  pledged  to    the  immutable 

2  observance  of  the  provisions  herein  abcvc  contained,  as  to  the 

3  collection  of  the  tax  on  wlieat,  corn  and  cotton  in  kind,  and  the 

4  application  thereof  as  aforesaid,  until  the  redemption  of  the  cur- 

5  rency  as  above  provided,  shall  have  been  comjilcted. 
1  Sec  t).     This  act  shall  be  in  force  from  the  passing  thereof. 


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